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W
hen it comes to residential aged care (what used to be called “nursing homes”) many people believe that if they don’t have any money, they won’t get in. Which is simply not true. You see, in residential aged care there are two groups: market price residents and low means residents. And the overwhelming majority of aged care homes need to keep a mix of each in order to receive funding from the government. 60 Australian Carers Guide | SPRING 2021
BY RACHEL LANE FROM AGED CARE GURUS
Market price residents, as the name suggests, pay the market price for their aged care accommodation. The aged care facility will advertise the price and you can pay any amount up to the advertised price, but not more than it. How you pay the price is up to you – you can choose to pay by daily payment, lump sum or a combination. Low means residents pay a contribution towards their accommodation based on their assets and income. The government “tops up”
